The Social Justice Fund, made possible through a ten-year, $50 million commitment by Clara Tsai, is partnering with two Community Development Financial Institutions, Brooklyn Alliance Capital and TruFund Financial along with the Brooklyn Chamber of Commerce to unveil the Brooklyn EXCELerate loan fund, a series of loans to help Brooklyn’s BIPOC business owners get back on their feet post-pandemic and support equitable economic momentum in Brooklyn.

Brooklyn EXCELerate loan products being offered include:

• ‘Rapid Recovery’ loans up to $15,000 will aid those who were able to stay open through the pandemic with expenses like equipment, renovations and rent & lease assistance, all at no interest.
• ‘Restart’ loans will provide Brooklyn businesses with loans from $15,000 to $100,000 at 2% interest. Qualifying businesses have closed temporarily or have significantly reduced operating hours and have significant challenges to reopening or normalizing due to insufficient operating capital.

Loan program officers will assign each business receiving a ‘Restart’ loan with a business counselor to assess the business and produce a technical assistance plan; recipients will also take part in educational programming and other community events with their peers. 

For a business to be eligible for any of the available loan funds, they must first meet the following basic criteria:

• BIPOC-owned small business in operating in Brooklyn.  (At least 51% of ownership must be BIPOC)
• Was operating as of January 1st, 2019.
• Must have been adversely impacted by COVID in one or more of the following ways:
• Temporarily or Permanently shut down due to COVID-19
• Showed a significant decline in revenue (33% or more) in 2020 compared to 2019
• Need access to capital to restart, reopen, or remain open.
• Are unable to raise/borrow capital from traditional sources on reasonable terms.
• Have had a viable business model prior to 2020